Fitch maintained the credit rating of Russia on the last investment level

In Russia inflation is falling thanks to measures in response to the sharp drop in oil prices.

Agency Fitch maintained the credit rating of Russia on the last investment level BBB-. This was stated in a press release. The Agency said the ratings Outlook remains “stable”.

Fitch analysts noted that Russia is “credible” measures in response to the sharp drop in oil prices, says Fitch.

“Flexible exchange rates, high commitment to inflation targeting, fiscal consolidation and providing support to the financial sector has enabled the economy to adapt to low oil prices and gradually restore confidence in the country”, – stated in the message Agency.

According to Fitch, the annual inflation rate declined from 7.6 percent in 2016 to 4.1 per cent in February 2017. Analysts believe that by mid-year, this figure will reach four percent .

Among the positive factors there is a return of the government to a three-year budget planning and a focus on the budget deficit to one percent of GDP by 2019.

The Agency forecasts that the budget deficit will fall to 2.4 percent of GDP in 2017 and 1.4% in 2018.

We will remind, in December, Russia became the world’s largest oil producer, shifting in this indicator Saudi Arabia.

In Russia, predicting a barrel of Brent at a price of $ 40 “in the medium term”. Thus, in the case of maintaining oil prices at current levels the Russian Treasury is replenished with ten billions of dollars.

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